Beam Global (BEEM)

[Oleblue]

Time to buy....$20?

SAN DIEGO, April 16, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced operating results for the year ended December 31, 2023.

2023 and Recent Company Highlights

Record full year revenues of $67.4 million, 206% year over year increase

Record Q4 revenues of $20.0 million, 154% year over year increase and highest quarterly revenue in the company’s history

Record full year EV ARC™ system production, 194% year over year increase

Positive full-year gross profit – an improvement of 9% as a percentage of revenue over 2022

Debt free and $100 million line of credit available and unused

Current pipeline $150 million, backlog of $22 million at December 31, 2023

Received $7.4 million order from the U.S. Army for 88 off-grid EV ARC™ EV charging systems – 3rd largest order in company history

Received $4.8 million order from U.S. Department of Homeland Security for sustainable EV charging infrastructure products – 5th largest order in company history

Acquired Amiga creating Beam Europe to open largest market in the world to Beam Global clean technology solutions with existing customer relationships in 17 nations

Awarded first European government supplier agreement on the UK’s Crown Commercial Service

Received first million-dollar European order for EV ARC™ solar-powered EV charging systems from UK Ministry of Defence

Received new European orders from leading telecommunications provider totaling US$1.2 million

Qualified for U.S. Federal government FedRAMP

Increased EV ARC™ base unit sales price by 8.25%

Expanded global patent portfolio:

Granted U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy

Granted European patent for Compact Transportation-Configurable EV ARC™ Systems

Granted European patent for EV Standard™ Curbside EV Charging Infrastructure product

Granted European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer

Granted patents in China and India for Thermal Management Technology that Makes Lithium-ion Batteries Safer

Enhanced Beam global leadership team:

Judy Krandel joined Beam Global Board of Directors as Audit Committee Chair

Europe-based George Syllantavos joined Beam Global Board of Directors

Appointed Mark Myers, former nuclear navy officer, as Chief Operating Officer

Appointed Lisa Potok as Chief Financial Officer

Significantly expanded engineering expertise to further develop new product solutions for the electrification of transportation and the security and decarbonization of energy infrastructure

Significantly expanded development and manufacturing capacity to bring Beam Global products to European markets and beyond

Commenced fabrication of EV Standard™ beta products

Launched 160 mph wind-rated EV ARC™ sustainable EV charging infrastructure product line

https://finance.yahoo.com/news/beam-global-reports-record-end-230200906.html